What should be on the financial to-do list for 2025, say consultants

When it comes to financial decisions, to pay the debt It is at the top of the 2025 to-do list.

But financial advisors who work with clients every day have their own wish lists for what they think should be their top financial priorities for 2025.

Covering everything from budgeting to estate planning, here are some tips from experts who are members of the organization CNBC FA Council.

“Start slow and controlled with any new financial goals,” says certified financial planner and founder, owner and president Lee Baker. Claris Financial Advisors in Atlanta. “It is better to win a little than to despair of trying to build Rome in a day.”

“A little time spent understanding your true costs and then deciding whether it aligns with your goals and values ​​is time well spent,” says CFP Jude Boudreaux, partner and senior financial planner. Planning Center In New Orleans.

Ask yourself if your spending aligns with your goals and values, and if it should continue, she suggested. After you sit down and look at the numbers, it can help you determine where you want to make changes.

Advisers say that keeping an eye on your spending can help you get the most out of the money you borrow.

“Mindful spending that reflects personal values ​​can lead to greater satisfaction and stronger relationships,” says Rianka Dorsainville, CFP and founder and chief wealth advisor. YGC Wealth.

The new year is also a good time to review your credit and debit card statements for the year, said Ted Jenkin, CFP and founder and CEO. oXYGen FinanceAtlanta-based financial advisory and wealth management firm.

Look for subscriptions, apps and memberships you don’t use and cancel them, he said.

Also consider how much you’re paying for streaming services and where you can cut back, Jenkin said. Multiple streaming service subscriptions can now add up to more than a single cable bill. Families can save by reducing the number of subscriptions or having more than one family member on one account, he said.

Be sure to also take a look at Jenkin’s tendency to add grocery bills and spontaneous purchases that can add up.

But research shows that the market’s worst days happen often followed closely on the best of days. If you sell when the market is down, you will miss out on the upswing.

By creating a personal investment policy statement, you can avoid reacting to what happens in the market and instead focus on your goals, said CFP founder Carolyn McClanahan. Life Planning Partners Jacksonville, Florida.

For example, before retirement, a long-term investor may choose to allocate 80% of his portfolio to stocks and the remaining 20% ​​to fixed income. When the market goes down or up, they may choose to return to that 80% allocation rather than giving in to the urge to react to the latest moves, McClanahan said.

CFP and company founder and CEO Kathy Curtis said the start of a new year usually provides an opportunity to meet with your supervisor or manager to discuss your accomplishments and values ​​for your team and company. Curtis Financial Planning, a fee-only financial planning and investment advisory firm.

Before that meeting, research your market value and determine what salary or other compensation you’d like to ask for, clearly and concisely explaining why, Curtis said.

Also, be sure to appreciate that your work might be more highly rewarded elsewhere, he said.

According to Louis Barajas, CFP, enrolled agent and CEO, one area of ​​financial planning that people tend to avoid is estate planning. International Private Wealth Advisors Irvine, California.

Barajas said it’s especially important for anyone with young children or property owners to make sure you complete your estate plan.

Notably, estate planning doesn’t necessarily have to be expensive, he said. For people with uncomplicated financial situations, there are good online estate planning resources that help prepare wills, powers of attorney, powers of attorney, and trustee nominees at minimal cost.

Proper estate planning can help fulfill your wishes about where you want your money to go when you die. That should also include your digital assets, says CFP Preston Cherry, founder and president. Parallel Financial Planning Green Bay, Wisconsin.

“These areas require an annual review to help account for life and money stages and adjustments in your value system,” Cherry says.

More than Personal Finance:
What it might cost to live as a “Home Alone” family today
After the holidays comes the biggest return season of the year
How much does Mariah Carey earn from “All I Want For Christmas Is You”

More than half of Americans — 56% — say their parents never discussed money with them recent Fidelity survey.

To keep the family money conversation going, it helps to schedule a formal time to discuss the topic.

Lazetta Rainey Braxton, CFP and founder and managing director A Coterie of Real Wealthrecommends planning at least two multigenerational family meetings a year to discuss intergenerational enrichment.

Possible topics to discuss include financial solutions, long-term care needs for older generations, and the status of estate planning documents.

A successful marriage is often an indicator of personal happiness, says CFP and senior counselor Tim Maurer. SignatureFDWith offices in Atlanta and Charlotte, North Carolina.

If you have a spouse, putting more time and money into your marriage will pay off, he said.

Both spouses asked “What’s working?” Start with open money conversations where you answer questions. and “What could be better?” Maurer said.

He also helps hold weekly standing meetings to discuss calendars and budgets, where any adjustments need to be made, he said.

Make sure to create a new budget category that’s kept sacred for date nights, and try to schedule that time together weekly, Maurer said.